Sunday, 24 April 2016

currency trading

We've been talking all week long about buying the USDCHF to the support zone, near underneath of the trend channel, and that zone is down here between 0.9575 and 0.9550. And you might see all week long it's only been bouncing around in this green-shaded area, in the support zone all week long, giving us actually a couple of different opportunities to jump to the trade. Get out with some profit. Return in. Get out with some profit. Giving us multiple opportunities to work this level as an assistance zone.

Currently in at break even. The present trade that I'm holding right now is at break even. Can't lose on the trade. The present stop loss is placed at the entry price. Sitting with 14 pips or so right now on the trade. Definitely would like to begin to see the breakout back above 0.9575 today and the beginnings of a little bit of a reversal or at the very least a retracement here back higher again for the USDCHF. currency trading

Another trade we've been talking about and have several opportunities this week to enter and acquire some profit is selling the EURUSD. Currently not in it. I put, in the overnight hours, a pending sell order at 1.1400 again, and it never made it quite high enough to take me in. The previous four-hour candle went just like high as 1.1393. 1.1393 on the on top of the past four-hour candle, so it came within about seven or eight pips of taking me to the trade again and now it's already return into the 1.1350s again.

So, waiting for a brand new opportunity here on the EURUSD, but also still concentrating on selling the resistance zone within the 1.1400-level for the EURUSD.

Another thing we need to mention here real quick is that we have significant Canadian news today. We have employment data coming out of Canada at 8:30AM, about 35 minutes from the recording of the video. Could dramatically affect this currency pair if it's dramatically deviated from the forecasted numbers. Let's bring it on down here to the four-hour timeframe. currency trading

Negative data out of Canada on that news today would likely send this back up. Finding support at the blue zone, back above the yellow zone. Challenge the green zone. And if it breaks above the green zone, we will see some significant rally higher for the USDCAD. If it's positive data, if it's significantly better compared to forecasted number, we will see another challenge entirely back off here to the support lows that we've seen within the last few weeks. You can see those support lows over here. And anything underneath there with a breakout within the 1.2920-level could look for the continuation lower in the direction of the longer-term downtrend that the USDCAD has been around on positive Canadian data coming up in about a half-hour from now